The prob I used to have washing engine bays (back when I was 16) is water in the distrib cap, pull off the cap, wipe it out good, spray it with WD-40 (Water Displacer #40, actual meaning) and put it back on.
Good place to start, it didn't ever just dry itself out either. Now I keep water away from the electronics in the bay, and start it up right after to help dry it.
Edit to add: it caused the same prob you are having.
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"DRIVE IT LIKE A FIERO"
'84 Fiero,
engine to be determined '87 Duke (Sold)
'87 Quad 4 H.O. '87Blue GT 3.4L Swap Completed!!!!!!!! Boosted!!!!!!!^^^^ Now in the Construction Zone^^^^
Las Vegas Fiero Club Parts/Sales/Service/Club
Fiero Road Club Of Northern Nevada[This message has been edited by sardonyx247 (edited 10-14-2014).]